Paul Knowles

Q: What are the most concerning risks in construction management? A: The ones that managers and contractors are least prepared for. 

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Amidst a turbulent hurricane season, catastrophe models are often misunderstood and blamed for property market chaos. Jencap Director and certified catastrophe modeler, Bruce Norris sheds light on the true role of these models in risk assessment and pricing. Read the full article now: https://lnkd.in/evNTVrzX

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Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has entered into an agreement to acquire the remaining 51.5% of shares of Carpenter Turner, an Athens-domiciled regional reinsurance broking and advisory business.

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W. R. Berkley Corporation announced today that its Board of Directors has declared a special cash dividend on its common stock of 50 cents per share to be paid on June 28, 2024 to stockholders of record at the close of business on June 24, 2024. In addition, its Board of Directors has voted to increase the regular cash dividend to an annual rate of 48 cents per share, representing a 9.1% increase from the present rate. The first regular quarterly dividend at the new rate of 12 cents per share will be paid on June 28, 2024 to stockholders of record at the close of business on June 24, 2024. The Board of Directors has also approved a 3-for-2 common stock split to be paid in the form of a stock dividend to holders of record on June 24, 2024. The additional shares are expected to be issued on July 10, 2024. The special and regular quarterly cash dividends referred to above are on the pre-split common stock. Read the full release here: https://ow.ly/9mFH50ShtfM

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According to analysts at KBW, property catastrophe reinsurance pricing is likely to decline around 5% at the upcoming January 2025 renewals, with a continued balance in supply and demand expected to help prevent a more significant softening.

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Managing general agents are reshaping the insurance landscape by offering specialist underwriting and filling capacity gaps in niche markets. Caroline Coulson, chief underwriting officer at Pernix Specialty Limited, discusses the rise of MGAs, their ability to provide bespoke risk solutions, and Pernix’s role in navigating the political and credit risk sectors. Read the article here: https://ow.ly/V4Nl50UozPz

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Caroline Coulson, Chief Underwriting Officer, discusses the rise of MGAs in a recent article by Global Trade Review (GTR). The piece explores how MGAs deliver bespoke risk solutions and Pernix's role in navigating the political and credit risk sectors. Read the article in full below. ⬇️

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Think you're prepared for the biggest risks in construction management? Read here to find out:

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ASR, a reinsurance company, has launched ASR Syndicate 2454 at Lloyd’s, becoming the first Africa-focused syndicate in the institution's history. Like most reinsurance companies, ASR operates by providing insurance to other insurance companies. Reinsurance essentially spreads risk among multiple insurers, allowing them to handle large or unexpected claims. Managed by Apollo, ASR Syndicate 2454 began underwriting on April 26, 2024. Underwriting is the process of assessing and pricing risk for insurance policies. Syndicate 2454 will underwrite various lines of business, including political risk, trade credit, and property. ASR aims to increase Lloyd’s business originating from Africa, strategically positioning Syndicate 2454 to address the corporate and specialty capacity gap on the continent. ASR also has plans for further expansion into the Middle East. Read more: https://lnkd.in/gddqzH3f #Africa #Insurance #InsuranceIndustry #Reinsurance #Lloyds #RiskManagemen

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Ki Insurance, the algorithmically-driven Lloyd’s syndicate, will separate from Brit to operate as a standalone company within the Fairfax Group. Brit stated that Ki has grown and developed to function independently. Martin Thompson, CEO Brit Group, said: “The scale, sophistication and growth potential of Ki makes this a natural next step, enabling both companies to focus on their core strengths in ‘lead’ and ‘follow’ respectively.” Read the full story here: https://ow.ly/mlYs50UpPum

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The US private market insurance industry loss from recent hurricane Beryl’s impacts is estimated to fall in a range of $2.5 billion to $4.5 billion by Moody's RMS, with the risk modeller saying that its best estimate for the industry loss is $3.7 billion.

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ConnectUW Holdings Ltd secures Lloyd's Box 356, boosting access to specialist reinsurance solutions for property, energy, and terrorism risks. CEO Jamil R. Elbahou highlights enhanced accessibility for Lloyd’s brokers starting Dec 23, 2024. https://hubs.la/Q02_LjMf0

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Specialist Risk Group, an insurance intermediary backed by Warburg Pincus LLC and Temasek, has announced the acquisition of specialist insurance broker, R3.

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Paul Cha, Partner, Property Damage & Coverage, looks at the recent judgment on Covid-19 Business Interruption reinsurance claims.   The ruling relates to the closure of nurseries and childcare facilities due to Government enforced Covid-19 rules – whether that constituted a catastrophe within the meaning of the reinsurance cover and whether the restrictions in the ‘hours clause’ still applied.   The decision has significant financial ramifications for insurers and reinsurers.   #Reinsurance #Covid19 #BusinessInterruption

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Read the latest interview from QBE Re’s Chris Killourhy, as he discusses market trends and what's on the agenda for Monte Carlo, click here - https://lnkd.in/egv9nHJX #reinsurance #reinsurancenews

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